{
    "type": "ETF",
    "ucits": true,
    "fund_name": "iShares $ Treasury Bond 20+yr UCITS ETF",
    "investment_objective": "To track the ICE U.S. Treasury 20+ Years Bond Index, providing exposure to long-term US government bonds with maturities of 20 years or more.",
    "primary_asset_class": "Fixed Income (Government Bonds)",
    "geographic_focus": "United States",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The ETF is a UCITS-compliant fund physically replicating the ICE U.S. Treasury 20+ Years Bond Index by investing directly in US government bonds. The KIID and PRIIPs KID documents confirm the use of physical replication with sampled methodology, not synthetic replication. While the fund may use financial derivative instruments (FDIs) such as FX forwards for currency hedging, these are used solely for risk management and not as an inherent part of the investment strategy, so derivatives are marked false. There is no mention of swap agreements, total return swaps, or counterparty exposure related to synthetic replication. The fund does not employ leverage, inverse or amplified exposure. The risk profile is medium (4 out of 7 in PRIIPs KID) and 6 in the KIID, reflecting bond market risks such as interest rate and credit risk, but not complexity from structure or leverage. The fund uses securities lending to generate additional income, but this does not increase complexity under MiFID II. The fact sheet confirms physical product structure, direct investment in government bonds, no leverage, and no complex underlying assets such as contingent convertible bonds or CLOs. No capital protection or structured features are present. Costs are straightforward with a low TER of 0.10%, no performance fees, and no swap or derivative fees. There is no PRIIPs comprehension warning or other complexity flags. Overall, the fund\u2019s structure, replication, and risk disclosures indicate a non-complex ETF under MiFID II."
}